A common issue that comes up in family law practice in Winter Park is the issue of hiding assets and income by a party in a divorce case. When one spouse raises their concern that the other spouse is hiding their income or assets, as an experienced firm that engages in family law practice in Winter Park, there are specific ways to find this out. One thing that is true is that people go to great lengths to hide their assets during divorce and the reasons are not far-fetched. One of the reasons is to avoid sharing their assets with their spouse, and another reason is to be in the favorable position to receive child support moving forward. Your attorney has to pay close attention to discover some of the means through which people hide assets.
This level of dishonesty happens a lot, and this article is only meant to disclose these acts and not to encourage them. As a reputable family practice law in Winter Park, it is our job to spot things like these and bring them to the attention of our clients and the court.
Let's get right to some of the ways people hide their income and assets.
These days, people find it easier to invest in precious metals like gold and silver. All anybody has to do is go online and order for bars of gold which can be hidden anywhere that nobody will find it. There isn't much paper trail attached, and it can be difficult to track but through the person's bank statement for the purchase of the gold bars, this can be discovered.
Some couples have a lot of money which they have stored away in a safe-deposit box. This is most common with people who come from wealthy families or have businesses of their own that they run. The problem that comes with this is when one spouse accuses the other of taking out of the cash they both kept. This is usually difficult to prove, and the best thing is to reach an amicable resolution between both parties.
This is another tactic that people use to hide assets. If a party in the divorce case has a company and buys a property in the name of the business, a good family law practice in Winter Park should check the corporate tax returns of the company to see if the real estate's tax returns contain any evidence.
This is common with individuals who earn most of their money in raw cash. In cases like this, we see people declaring income far below what they truly earn. Jobs like waiters, barbers, landscapers, handymen, etc. receive their pay mostly in cash, so it is easy not to report some of their income. It is usually hard to track incomes like these, but it helps if you check their financial records which include their utilities, rent, car bills and expenses. By calculating all of these expenses, you can have an idea of the minimum amount they earn per month.
This is common among self-employed individuals. They make all the purchases they want to make through their business so that on their accounts, it looks like they do not make a lot of money.
Of course, there are a lot of other ways through which people try to hide their assets and income. The above-listed methods are only a select few. With an experienced family law practice in Winter Park, your divorce will be finalized in the best way possible. Get in touch with Frank Family Law to get started. Call 407 629 2208 for a free consultation.